Ethereum ($ETH) is attracting market attention with increased trading volume surpassing Bitcoin (BTC).
However, analysts are concerned about the discrepancy between Ethereum's price movement and market excitement.
Ethereum Trading Volume Overtakes Bitcoin… Following Fidelity Report
According to Coinglass data, Ethereum's 24-hour trading volume has for the first time surpassed Bitcoin in the current cycle.
Considering the political and institutional interest in Bitcoin, this is a significant achievement for Ethereum. It is a symbolic milestone for the largest altcoin by market capitalization.
The surge in trading volume indicates that traders are interacting more with Ethereum. This appears to stem from Fidelity Investments' perspective, which manages $4.9 trillion. The company has stated that Ethereum's operational structure is very similar to the GDP of the real economy.
Ryan Sean Adams, co-founder of Bankless, expressed excitement, calling Fidelity's recent Ethereum report a breakthrough.
It's finally happening.
— RYAN SΞAN ADAMS – rsa.eth 🦄 (@RyanSAdams) July 9, 2025
TradFi analysts realizing the right way to value $ETH is as the store of value asset of an emerging economy.
Brand new $ETH report from @fidelity.
It's everything we've been saying for years.
I am euphoric in this moment.
$ETH = world reserve asset pic.twitter.com/Pr6ROkLZTx
However, despite this increasing optimistic view, $ETH's price remains almost stagnant.
"Despite all this excitement, $ETH is still at $2,600," wrote Ran Neuner, an analyst and founder of Crypto Banter.
Analysts warned that the rally could stall without strong momentum. The contrast between increasing interest and slow price movement increases skepticism, especially as macro and structural risks persist.
"I am genuinely worried about $ETH. The sentiment on my timeline is euphoric, but the price isn't moving at all... $ETH bulls are celebrating at $2,620... In reality, if it doesn't move soon, the next move could be downward," Neuner added.
According to Neuner, the excitement about new Ethereum treasury companies could be misleading. As BeInCrypto reported, Ethereum investment strategies are showing results.
Public companies like SharpLink Gaming, BTCS, and GameSquare Holdings are strengthening their Ethereum investments.
This surge in institutional adoption emphasizes increasing confidence in $ETH's prospects, but Ethereum's price movement is not reflecting this interest.
Neuner explains this discrepancy is because companies are exchanging shares at net asset value (NAV) rather than buying new $ETH.
Even with many $ETH treasury companies popping up the price of $ETH isn't moving.
— Ran Neuner (@cryptomanran) July 9, 2025
The reason is that most of them aren't actually buying $ETH. They are trading existing $ETH for shares at NAV.
Retail market is buying these shares at a premium… pic.twitter.com/9b4WLv3ZsD
This disconnection has raised questions about the sustainability of the rally, despite the broader narrative change in traditional finance (TradFi).
Bitcoin, Ethereum Rally Delayed?
Analysts say unease extends beyond Ethereum, with Bitcoin's long-term structure potentially contributing to momentum stagnation.
According to on-chain analyst Axel Adler Jr., long-term Bitcoin holders (LTH) are approaching a historical threshold that has triggered major profit-taking events.
"[Bitcoin] Long-term holders will start dumping the market when profits exceed 300%. Currently, LTH are showing an average profit of 215% above their cost basis. We are now in a range between orderly profit-taking and potential LTH dump," Adler wrote.
This imminent risk for BTC could add additional pressure on $ETH. If Bitcoin experiences large-scale selling, Ethereum, which is closely linked to macro trends and BTC sentiment, may struggle to maintain an upward movement even with improving fundamentals.
Currently, Ethereum is caught between momentum and discrepancy. On one hand, it is attracting institutional attention and leading in trading volume. On the other hand, it is not showing price movements that should follow market excitement.
Without a clear breakthrough or new catalyst, excitement could quickly dissipate, and if Bitcoin long-term holders decide to realize profits, $ETH could experience a sharp correction.
At the time of writing, Ethereum is trading at $2,611, up 2.44% in the last 24 hours.
